Taiwan orders regulator to stabilise stock market
Shares in Taiwanese chipmaking giant TSMC plummeted as much as 9.8%, dragging the Taiex down as much as 9% during trading.
Taiwan's stock market, known as the Taiex, suffered a significant decline on Friday as global markets experienced a massive sell-off. The island's tech-heavy index, the Taiex, plummeted by as much as 9%, with shares in Taiwanese chipmaker Taiwan Semiconductor Manufacturing Company (TSMC) dropping by up to 9.8%. The decline was attributed to fears that US Democrats may increase regulation of the artificial intelligence industry following their victory in the midterm elections.
Premier Cho Jung-tai instructed the Financial Supervisory Commission (FSC) to closely monitor both international and domestic stock markets and remain flexible in determining measures to stabilize the domestic market. The FSC has previously implemented response measures during periods of extreme stock market volatility in the past.
Cho assured reporters that Taiwan's economic fundamentals remain sound, and the profitability and potential of various industries are robust. The FSC is scheduled to meet on Friday to decide on measures to stabilize the market, according to the Commercial Times newspaper.
This year, Taiwanese investors have shown strong interest in the local stock market, as it has surged to record highs due to the booming demand for AI technology.
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Also reported by 1 other outlet
- Taiwan orders regulator to stabilise stock market freemalaysiatoday.com
